NLC Rejects 6% Stamp Duty On Tenancy And Lease Agreements

Posted by Thandiubani on Tue 28th Jul, 2020 - tori.ng

Plans by the government to charge Nigerians 6% stamp duty has been vehemently rejected by NLC.

NLC

The Nigerian Labour Congress (NLC) has called on the federal government to cancel its plan to impose 6% stamp duty on tenancy and lease agreement in the country.

Speaking against the development which is presently generating ripples of controversy, Comrade Ayuba Wabba, NLC national chairman, described tax expansion as ambiguous and obnoxious.

Wabba said the stamp duty is an attempt to worsen the economic situation of workers in the country, wondering why there would be tax hike when there is no attempt to lessen the hardship of Nigerians.

He called on the Federal Inland Revenue Service (FIRS) to rescind this fiscal measure which he described as harsh, saying the present economy of the country and earning of Nigerian workers cannot accommodate new tax.

"This new financial burden on poor Nigerians comes at a time when the socio-economic pressure arising from COVID-19 dislocations is pushing many Nigerians beyond the limits.

“This means that tenants, which this new policy targets, are some of the most vulnerable people in our society. It would be illogical, insensitive and inhumane to churn out laws that make our poor go to bed at night with tears in their eyes.

“We call on the Federal Government and the Federal Inland Revenue Service to rescind this harsh fiscal measure as it is boldly insensitive to the material condition of Nigerians which has been compounded by the COVID-19 health insurgency," Ayuba Wabba said.